MSCI Inc.

    MSCI ·NYSE ·Services-Business Services, NEC ·Inc. in DE
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    Item 1.    Business
    Overview
    Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation.
    Investors all over the world use our tools and solutions to gain insights and improve transparency throughout their investment processes. Our offerings help them define their investment universe; make asset allocation decisions; construct and analyze portfolios and investment strategies; identify, measure and manage drivers of investment risk and performance; integrate sustainability and climate considerations into portfolio construction and risk management; design and manage indexed financial products such as exchange-traded funds (“ETFs”); and prepare regulatory and client reports.
    Our products and services include indexes; portfolio construction and risk management analytical models and tools; sustainability and climate solutions; and private asset data and analytics. We are focused on supporting investors’ total portfolio needs across asset classes through our integrated solutions. We use advanced technology, including artificial intelligence (“AI”), to improve how we collect and validate data and enhance the capabilities and insights we deliver to clients.
    Our client-centric focus and deep understanding of client needs, challenges and goals help us anticipate and respond to industry trends. We consider the distinct needs of different client types when developing our tools and solutions. We operate an integrated business across all functions, products and solutions, and we are dedicated to delivering service excellence, innovative research and content, and flexible, cutting-edge technology.
    Clients
    We serve many client types across the global investment ecosystem and align our tools and solutions to support their data, analytical, research and workflow needs. Our client types include:
    •Asset managers, including managers of institutional funds and accounts, mutual funds, ETFs, and other public-market strategies, as well as private-markets general partners
    •Banks and brokerages, including banks, broker-dealers, custodians, proprietary market makers and fund administrators
    •Asset owners, including pension funds, endowments, foundations, investment consultants, central banks, sovereign wealth funds and single family offices
    •Hedge fund managers, including of equity hedge funds, fixed income hedge funds, multi-strategy hedge funds and multi-manager hedge funds
    •Wealth managers, including wealth management divisions of broker-dealers, RIAs, private banks, multi-family offices, digital wealth and brokerage platforms
    •Insurance companies, including reinsurers
    •Others, including exchanges; vendors; real estate professionals, such as brokers, agents and developers; academic institutions; and corporates, including public and private companies, and their advisors
    As of December 31, 2025, we served approximately 6,800 clients1 in more than 100 countries. For the year ended December 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues, with 96.5% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETF products that are based on our indexes.
    Industry Trends and Competitive Advantages
    We believe we are strongly positioned to benefit from emerging trends and to help our clients adapt to changes in the investment industry. Investing has grown in complexity, with more choices across asset classes, security types and geographies, a wider array of risks and opportunities, and increased demand for customized portfolios that are tailored to client-specific objectives
    1 Reflects the aggregation of all related client entities under their respective parent client entity. At acquisition, we align an acquired company’s client count to our methodology.

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    and constraints. In addition, portfolio design and management are becoming increasingly outcome-oriented, rules-based and technology-driven. As a result, the investment process is transforming, which is reflected in several key trends:
    •Changing client strategies and operating models, influenced by fee compression, changing demographics, economic outlooks and the regulatory environment;
    •Use of global, multi-asset-class and other complex strategies, including integration of public and private assets and factor exposure objectives into investment strategies;
    •Need for high-quality data, insightful models and timely research, particularly during times of volatility and uncertainty;
    •Growth of indexed investing, including through ETFs (including active and fixed income ETFs) and indexed derivatives (including futures, options, structured products and over-the-counter swaps);
    •Demand for data and tools that support customized portfolio construction and specialized preferences and objectives, including custom indexes;
    •Integration of sustainability and climate risk and performance considerations into investment processes, reporting and product creation;
    •Allocation of capital to private assets and demand for greater transparency and standardization of the drivers of private asset risk and performance;
    •Disclosure requirements that necessitate high-quality data and streamlined reporting solutions;
    •Use of advanced technologies, including AI, to enhance products, improve analytics, collect and evaluate data, derive insights, improve client experiences, streamline operations and gain competitive advantages.
    We believe the following competitive advantages position us well to meet client demands in light of these trends:
    •Differentiated research-enhanced content provides our clients with insights to better navigate a complex, fast-changing investment landscape. We are continually developing a wide range of differentiated content and have amassed an extensive database of global market data; proprietary index data; sustainability and climate data and metrics; factor models; private asset performance, transaction and benchmark data, including fund- and asset-level data; and risk algorithms, all of which can be critical to our clients’ investment processes.
    •Client-centricity allows us to build strong client relationships globally and better understand and serve client needs. Our client coverage team maintains trusted relationships with senior executives and investment professionals. We regularly consult with clients and other market participants to discuss their needs, investment trends and implications for our research, product development and client servicing goals.
    •Proprietary content, delivered at scale through flexible technology and AI. Our proprietary data and research underpin our solutions. We use advanced technology, including AI, to strengthen data quality, expand coverage and accelerate how we deliver insights generated from our proprietary content. Our commitment to open and flexible technology allows us to process data more efficiently and deliver platform flexibility, integrating into our clients’ workflows through APIs, data feeds and cloud delivery. We also partner with global technology companies to accelerate the development of our AI capabilities to enhance our solutions, insights and the client experience.
    Strategy
    We provide critical tools and solutions that enable investors to navigate the complexities of the investment process, better understand drivers of performance and risk, and build portfolios more effectively and efficiently to achieve their unique investment objectives. We are focused on the following key initiatives:
    •Extend leadership in research-enhanced content across asset classes. We develop innovative solutions that incorporate proprietary and differentiated content. In addition to enhancing our position as a leading provider of tools and solutions for equity investors globally, we are focused on continuing to grow and enhance our content for other asset classes and strategies, including private assets, sustainability and climate, thematics, factors, fixed income and liquidity. We believe these areas represent significant long-term growth opportunities and are necessary to deliver total portfolio solutions that enable an integrated view of risk and return across asset classes, strategies, and public and private markets.
    •Grow strategic client relationships and expand presence across new client types. We aim to be a strategic partner to our clients by anticipating their needs, offering differentiated solutions and insights, and delivering a seamless client experience. While maintaining our strong position with asset managers, we are also focused on expanding our presence with hedge funds, wealth managers, banks and broker-dealers, asset owners, insurance companies, corporates and proprietary market makers, each representing distinct growth opportunities with specialized needs we believe we are uniquely positioned to address.
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    •Apply AI to accelerate product innovation. We are applying AI across our organization to enhance and accelerate content creation, data processing and analytics, and development of differentiated products and solutions.
    •Expand solutions that empower client customization. We are expanding solutions that enable clients to tailor their unique risk and return preferences, sustainability goals and investment strategies across asset classes, geographies and themes, to meet their diverse and evolving needs. These solutions include custom index capabilities that allow clients to translate investment views, constraints or regulatory requirements into benchmarks and other index-linked products.
    •Lead the enablement of sustainability and climate investment integration by delivering data, insights and applications that help clients identify, assess and manage financially material sustainability and climate risks and opportunities. Through our integrated business model and operations, we also utilize our sustainability and climate data and research in our index, analytics and private asset offerings.
    •Enhance distribution and content-enabling technology. We are developing advanced technology to drive efficiency, accelerate innovation and enhance client experience. We are prioritizing open, scalable distribution that allows clients to access and integrate MSCI content and analytical tools into their own platforms and workflows, including through APIs, data vendors and third-party distribution partners, as well as cloud-based tools.
    •Execute strategic partnerships and acquisitions with complementary data, content and technology companies. We regularly evaluate and selectively pursue strategic partnerships with, and acquisitions of, providers of unique and differentiated data, content, products and technologies that we believe can enhance or expand our offerings, capabilities and client base.
    Financial Model
    We have an attractive financial model due to our recurring revenue and strong cash generation. Clients purchase our products and services primarily through recurring fixed and variable fee arrangements, which historically have contributed to stable revenue and greater cash flow predictability, although variable fees may fluctuate with market levels and client activity. Our disciplined capital allocation policy provides us with flexibility to balance investment in our business, acquisitions and shareholder returns through dividends and share repurchases.
    See Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview” and Note 1, “Introduction and Basis of Presentation—Significant Accounting Policies—Revenue Recognition,” of the Notes to the Consolidated Financial Statements included herein for information on how we generate revenue and our revenue recognition policy.
    Segments
    For the year ended December 31, 2025, we had the following five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions, which are presented as the following three reportable segments: Index, Analytics, and Sustainability and Climate. For reporting purposes, the Real Assets and Private Capital Solutions operating segments are combined and presented as All Other – Private Assets, as they did not meet the required thresholds for separate reportable segment disclosure. In the first quarter of 2025 we retitled our “ESG and Climate” operating and reportable segment as “Sustainability and Climate” to reflect the breadth of our product offerings. The change did not affect the composition of our operating or reportable segments or our historical segment results.
    Index

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-07-21 (period ending 2026-06-30).

    12. SUBSEQUENT EVENTS
    On July 20, 2026, the Board of Directors declared a quarterly cash dividend of $2.05 per share for the three months ending September 30, 2026 (“third quarter 2026”). The third quarter 2026 dividend is payable on August 28, 2026 to shareholders of record as of the close of trading on August 14, 2026.
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    Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
    INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS
    The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in “Item 1A.—Risk Factors,” in our Form 10-K.
    Except as the context otherwise indicates, the terms “MSCI,” the “Company,” “we,” “our” and “us” refer to MSCI Inc., together with its subsidiaries.
    Overview
    Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. The Company has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions, which are presented as the following three reportable segments: Index, Analytics, and Sustainability and Climate. For reporting purposes, the Real Assets and Private Capital Solutions operating segments are combined and presented as All Other – Private Assets, as they did not meet the required thresholds for separate reportable segment disclosure.
    Our growth strategy includes: (a) extending leadership in research-enhanced content across asset classes, (b) leading the enablement of sustainability and climate investment integration, (c) enhancing distribution and content-enabling technology, (d) expanding solutions that empower client customization, (e) strengthening client relationships and expanding our presence in key geographic areas and (f) executing strategic partnerships and acquisitions with complementary data, content and technology companies. For more information about our Company’s operations, see “Item 1: Business” in our Form 10-K.
    As of June 30, 2026, we served approximately 6,8001 clients in more than 100 countries.
    Our principal business model is generally to license annual, recurring subscriptions for the majority of our Index, Analytics and Sustainability and Climate products and services for a fee due in advance of the service period. Private Assets products are also licensed annually through subscriptions, which are generally recurring, for a fee which is paid in advance when products are generally delivered ratably over the subscription period or in arrears after the product is delivered. A portion of our fees comes from clients who use our indexes as the basis for index-linked investment products. Such fees are primarily based on a client’s assets under management (“AUM”), trading volumes and fee levels.
    In evaluating our financial performance, we focus on revenue and profit growth, including results accounted for under generally accepted accounting principles in the United States (“GAAP”), as well as non-GAAP measures, for the Company as a whole and by operating segment.
    We present revenues disaggregated by types and by segments, which represent our major product lines. We also review expenses by activity, which provides more transparency into how resources are being deployed. In addition, we utilize operating metrics including Run Rate, subscription sales and Retention Rate to manage and assess performance and to provide deeper insights into the recurring portion of our business.
    1Represents the aggregate of all related clients under their respective parent entity. At acquisition, we align an acquired company’s client count to our methodology.
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    In the discussion that follows, we provide certain variances excluding the impact of foreign currency exchange rate fluctuations and acquisitions. Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency-adjusted variances.

    For the six months ended June 30, 2026, our largest client organization by revenue, BlackRock, accounted for 11.8% of our consolidated operating revenues, with 96.6% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETF products that are based on our indexes.
    The discussion of our results of operations for the three and six months ended June 30, 2026 and 2025 are presented below. The results of operations for interim periods may not be indicative of future results.
    Critical Accounting Policies and Estimates
    We describe our significant accounting policies in Note 1, “Introduction and Basis of Presentation,” of the Notes to Consolidated Financial Statements included in our Form 10-K. There have been no significant changes in our accounting policies or critical accounting estimates during the six months ended June 30, 2026.
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    Results of Operations
    Operating Revenues
    Our operating revenues are grouped by the following types: recurring subscriptions, asset-based fees and non-recurring. We also group operating revenues by major product as follows: Index, Analytics, Sustainability and Climate and All Other – Private Assets.
    The following table presents operating revenues by type for the periods indicated:
    Three Months Ended
    June 30,    		% Change Six Months Ended
    June 30,    		% Change
    (in millions)2026202520262025
    Operating revenues:
    Index
    Recurring subscriptions$263.0 $235.7 11.6%$517.2 $469.0 10.3%
    Asset-based fees233.1 184.1 26.6%457.6 361.5 26.6%
    Non-recurring14.9 15.1 (1.3%)32.5 26.1 24.5%
    Index total511.0 434.9 17.5%1,007.3 856.6 17.6%
    Analytics
    Recurring subscriptions185.9 169.8 9.5%369.1 339.5 8.7%
    Non-recurring3.5 7.9 (55.7%)10.3 10.4 (1.0%)
    Analytics total189.4 177.7 6.6%379.4 349.9 8.4%
    Sustainability and Climate
    Recurring subscriptions90.5 87.0 4.0%181.4 169.7 6.9%
    Non-recurring1.4 1.9 (26.3%)2.4 3.8 (36.8%)
    Sustainability and Climate total91.9 88.9 3.4%183.8 173.5 5.9%
    All Other - Private Assets
    Recurring subscriptions74.0 70.3 5.3%145.9 137.1 6.4%
    Non-recurring0.7 0.9 (22.2%)1.4 1.4 —%
    All Other - Private Assets total74.7 71.2 4.9%147.3 138.5 6.4%
    Total
    Recurring subscriptions total613.4 562.8 9.0%1,213.6 1,115.3 8.8%
    Asset-based fees233.1 184.1 26.6%457.6 361.5 26.6%
    Non-recurring20.5 25.8 (20.5%)46.6 41.7 11.8%
    Total operating revenues$867.0 $772.7 12.2%$1,717.8 $1,518.5 13.1%
    Total operating revenues increased 12.2% for the three months ended June 30, 2026. The $94.3 million increase was driven by $50.6 million higher recurring subscription revenues, $49.0 million higher asset-based fees, partially offset by $5.3 million lower non-recurring revenues. Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, total operating revenues would have increased 12.2%.
    Total operating revenues increased 13.1% for the six months ended June 30, 2026. The $199.3 million increase was driven by $98.3 million higher recurring subscription revenues, $96.1 million higher asset-based fees and $4.9 million higher non-recurring revenues. Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, total operating revenues would have increased 12.7%.
    Refer to the section titled “Segment Results” that follows for further discussion of segment revenues.
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    Operating Expenses
    We group our operating expenses into the following activity categories:
    •Cost of revenues;
    •Selling and marketing;
    •Research and development (“R&D”);
    •General and administrative (“G&A”);
    •Amortization of intangible assets; and
    •Depreciation and amortization of property, equipment and leasehold improvements.
    Costs are assigned to these activity categories based on the nature of the expense or, when not directly attributable, an estimated allocation based on the type of effort involved. Cost of revenues, selling and marketing, R&D and G&A all include both compensation as well as non-compensation related expenses.
    The following table presents operating expenses by activity category for the periods indicated:
    Three Months Ended
    June 30,    		% Change Six Months Ended
    June 30,    		% Change
    (in millions)2026202520262025
    Operating expenses:
    Cost of revenues$149.9 $137.7 8.9%$291.7 $274.5 6.3%
    Selling and marketing87.4 78.2 11.8%173.1 156.9 10.3%
    Research and development46.0 44.1 4.3%95.6 91.7 4.3%
    General and administrative46.2 38.3 20.6%115.2 95.4 20.8%
    Amortization of intangible assets43.8 43.7 0.2%85.7 87.6 (2.2%)
    Depreciation and amortization of property, equipment and leasehold improvements
    		6.2 5.4 14.8%12.1 10.1 19.8%
    Total operating expenses$379.5 $347.4 9.2%$773.4 $716.2 8.0%
    Total operating expenses increased 9.2% for the three months ended June 30, 2026. Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, the increase would have been 7.5%.
    Total operating expenses increased 8.0% for the six months ended June 30, 2026. Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, the increase would have been 5.6%.
    Descriptions of MSCI’s operating expense categories are provided in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K. The discussion below focuses on year-over-year changes and key drivers.
    Cost of Revenues
    Cost of revenues increased 8.9% and 6.3% for the three and six months ended June 30, 2026, respectively, primarily driven by increases in non-compensation costs as a result of higher market data costs, information technology costs, and professional fees.
    Selling and Marketing
    Selling and marketing expenses increased 11.8% and 10.3% for the three and six months ended June 30, 2026, respectively, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs.
    Research and Development
    R&D expenses increased 4.3% and 4.3% for the three and six months ended June 30, 2026, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, partially offset by increased capitalization of costs related to internally developed software projects. The increase is also driven by increases in non-compensation costs due to higher information technology costs and professional fees costs.
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    General and Administrative
    G&A expenses increased 20.6% and 20.8% for the three and six months ended June 30, 2026, respectively, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, as well as a decrease in the favorable fair value adjustment on contingent consideration related to the Fabric RQ, Inc. acquisition.
    The following table presents operating expenses using compensation and non-compensation categories, rather than using activity categories, for the periods indicated:
    Three Months Ended
    June 30,    		% Change Six Months Ended
    June 30,    		% Change
    (in millions)2026202520262025
    Compensation and benefits$229.0 $216.9 5.6%$481.5 $457.2 5.3%
    Non-compensation expenses100.5 81.4 23.5%194.1 161.3 20.3%
    Amortization of intangible assets43.8 43.7 0.2%85.7 87.6 (2.2%)
    Depreciation and amortization of property, equipment and leasehold improvements
    		6.2 5.4 14.8%12.1 10.1 19.8%
    Total operating expenses$379.5 $347.4 9.2%$773.4 $716.2 8.0%
    Compensation and Benefits
    We had 6,327 employees as of June 30, 2026, compared to 6,208 employees as of June 30, 2025, reflecting a 1.9% increase. Continued growth of our emerging market centers around the world is an important factor in our ability to manage and control the growth of our compensation and benefits costs. As of June 30, 2026, 71% of our employees were located in emerging market centers compared to 70% as of June 30, 2025.
    Compensation and benefits costs increased 5.6% and 5.3%, respectively, for the three and six months ended June 30, 2026, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, partially offset by increased capitalization of expenses related to internally developed software projects.
    Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, compensation and benefits costs would have increased by 4.2% and 3.0%, respectively, for the three and six months ended June 30, 2026.
    Non-Compensation Expenses
    Non-compensation expenses increased 23.5% and 20.3%, respectively, for the three and six months ended June 30, 2026, primarily driven by increased information technology costs, market data costs and professional fees costs, as well as a decrease in the favorable fair value adjustment on contingent consideration related to the Fabric RQ, Inc. acquisition.
    Adjusting for the impact of acquisitions and foreign currency exchange rate fluctuations, non-compensation expenses would have increased by 21.8% and 18.0%, respectively, for the three and six months ended June 30, 2026.
    Amortization of Intangible Assets
    Amortization of intangible assets expense increased 0.2% for the three months ended June 30, 2026, primarily driven by higher amortization of internal use software, partially offset by certain acquired intangible assets becoming fully amortized during the prior year.
    Amortization of intangible assets expense decreased 2.2% for the six months ended June 30, 2026, primarily driven by certain acquired intangible assets becoming fully amortized during the prior year, partially offset by higher amortization of internal use software.
    Depreciation and Amortization of Property, Equipment and Leasehold Improvements
    Depreciation and amortization of property, equipment and leasehold improvements increased 14.8% and 19.8% for the three and six months ended June 30, 2026, respectively, primarily driven by higher depreciation on computer and related equipment.
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    Total Other Expense (Income), Net
    The following table shows our other expense (income), net for the periods indicated:
    Three Months Ended
    June 30,    		% Change Six Months Ended
    June 30,    		% Change
    (in millions)2026202520262025
    Interest income$(2.5)$(2.9)(13.8%)$(5.3)$(6.8)(22.1%)
    Interest expense71.0 46.2 53.7%140.1 92.7 51.1%
    Other expense (income)1.7 4.2 (59.5%)3.1 7.5 (58.7%)
    Total other expense (income), net$70.2 $47.5 47.8%$137.9 $93.4 47.6%
    Total other expense (income), net increased 47.8% and 47.6% for the three and six months ended June 30, 2026, respectively, primarily driven by higher interest expense as a result of higher debt levels.
    Income Taxes
    The effective tax rate for the three months ended June 30, 2026 and 2025 was 18.0% and 19.6%, respectively. The decrease in the tax rate was primarily driven by US tax law changes and the jurisdictional mix of earnings.
    The effective tax rate for the six months ended June 30, 2026 and 2025 was 7.3% and 16.5%, respectively. The decrease in the effective tax rate was primarily driven by an $88.0 million discrete tax benefit recognized upon the completion of a multi-phased internal legal entity restructuring that was completed during the three months ended March 31, 2026.
    Net Income
    Net income for the three months ended June 30, 2026 and 2025 was $342.0 million and $303.7 million, respectively, representing an increase of 12.6%. The change in net income was driven by the factors described above.
    Net income for the six months ended June 30, 2026 and 2025 was $748.0 million and $592.3 million, respectively, representing an increase of 26.3%. The change in net income was driven by the factors described above.
    Weighted Average Shares and Common Shares Outstanding
    The following table shows our weighted average shares outstanding for the periods indicated:
    Three Months Ended
    June 30,    		% ChangeSix Months Ended
    June 30,    		% Change
    (in millions)2026202520262025
    Weighted average shares outstanding:
    Basic72.877.4(5.9%)73.077.5(5.8%)
    Diluted72.977.5(5.9%)73.177.7(5.9%)
        
    Common shares outstanding as of June 30, 2026 were 72.7 million, compared to 73.6 million as of December 31, 2025, representing a decrease of 1.2%. The decrease in weighted average shares and common shares outstanding for the three and six months ended June 30, 2026 was driven by the impact of share repurchases made pursuant to the Company’s stock repurchase program.
    Non-GAAP Financial Measures
    Adjusted EBITDA

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 2 transactions across 2 insiders. Net: +3,550 shares, $1,977,539.

    Date Insider Role Action Shares Price Value
    2026-06-10 Wiechmann Andrew C. Chief Financial Officer Sell -450 $604.56 -$272,052
    2026-05-15 Fernandez Henry A Chairman and CEO Buy +4,000 ×7 $562.40 $2,249,591

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2026-10-27 10-Q expected by 2026-11-12 (in 93 days)
    • ~2027-02-05 10-K expected by 2027-02-19 (in 194 days)
    • ~2027-04-20 10-Q expected by 2027-05-06 (in 268 days)
    • ~2027-07-20 10-Q expected by 2027-08-05 (in 359 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-07-21 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-07-21 10-Q Quarterly Report
    • 2026-04-21 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-04-21 10-Q Quarterly Report
    • 2026-03-31 8-K Officer/Director Change
    • 2026-02-06 10-K Annual Report
    • 2026-01-28 8-K Material Agreement Entered; Financial Statements and Exhibits
    • 2026-01-28 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-11-17 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2025-11-06 8-K Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
    • 2025-10-28 10-Q Quarterly Report
    • 2025-10-28 8-K Earnings Release; Other Events; Financial Statements and Exhibits
    • 2025-08-20 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
    • 2025-08-08 8-K Other Events; Financial Statements and Exhibits
    • 2025-07-22 10-Q Quarterly Report